How Has the Smart City Platforms Market Size Evolved in Recent Years?
The smart city platforms market has seen considerable growth due to a variety of factors.
• In the previous years, there has been a swift expansion in the market size of smart city platforms. The market, which is estimated to be at $195.52 billion in 2024, is projected to surge to $219.32 billion in 2025. This represents a compound annual growth rate (CAGR) of 12.2%.
The growth during the historic phase can be traced back to factors such as urbanization and population expansion, rising demand for efficient public services, interventions and funding from government, concerns about ecological sustainability, and advancements in Internet of Things (IoT) technology.
What Can Be Expected from the Smart City Platforms Market in the Coming Years?
The smart city platforms market is expected to maintain its strong growth trajectory in upcoming years.
• It is projected that the smart city platforms market will experience a swift expansion in the upcoming years. By 2029, the market will burgeon to $358.09 billion as it exhibits a compound annual growth rate (CAGR) of 13.0%.
Factors such as the incorporation of 5G networks, a concentration on resilience and disaster management, public involvement, broadening of data analytics and anticipatory insights, and public-private collaborations (PPPs) contribute to the predicted growth in this timeframe. Significant trends during this forecast period include the initiation of open data and interoperability, integration of resilience and disaster management, the establishment of smart infrastructure, public-private partnerships for application, and the use of artificial intelligence in predictive analytics.
Which Key Drivers Are Propelling Th Smart City Platforms Market's Growth?
The surge in urbanization is anticipated to fuel the expansion of the smart city platforms market. This term refers to the act of individuals congregating permanently in relatively smaller areas to form cities, generally as a result of migration from rural to urban areas. These platforms are instrumental in enhancing the management of urban regions and the standard of living for citizens. The need for smart city platforms will accelerate with the pace of urbanization, thereby fostering market growth. For instance, per the UN, a US-based organization that ensures international peace and security, an expected 2.5 billion additional people will inhabit cities by 2050. An estimated 292 million and 212 million additional urban dwellers will be in China and Nigeria, respectively, by 2050. The UN-Habitat, a Kenya-based United Nations agency tasked with human settlements, reported in July 2023 that over half (55%) of the global population resides in cities. This number is projected to rise to 70% by 2050. Further, in April 2023, according to the World Bank, a US-based global financial institution, more than 50% of the planet’s population is currently urbanized. Consequently, increasing urbanization is triggering the growth of smart city platforms.
How Are The Segments Defined Within The Global Smart City Platforms Market?
The smart city platforms market covered in this report is segmented –
1) By Offering: Platforms, Services
2) By Deployment Model: On Premise, Cloud
3) By Delivery Model: Offshore, Hybrid, Onshore
4) By Application: Smart Infrastructure, Smart Governance and Smart Education, Smart Energy, Smart Mobility, Smart Healthcare, Smart Buildings, Other Applications
Subsegments:
1) By Platforms: Smart Mobility Platforms, Smart Energy Platforms, Smart Water Management Platforms, Smart Waste Management Platforms, Smart Lighting Platforms
2) By Services: Consulting Services, Integration Services, Data Analytics Services, Maintenance And Support Services, Training And Development Services
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How Are New Trends Expected To Influence The Growth Of The Smart City Platforms Market?
Emerging technological advances constitute a significant trend within the smart city platforms market. Many major corporations within this market are concentrating on creating innovative tech solutions to solidify their market positions. For example, in July 2022, Ubicquia, Inc., a US firm providing sophisticated infrastructure platforms for mobile operators, utilities, and municipal bodies, introduced UbiHub. This platform allows cities to deploy public Wi-Fi and camera systems to aid in areas such as traffic analytics, public safety, and licence plate recognition. The UbiHub, distinctive for its industry-first integrated Wi-Fi 6 and edge AI platform, can easily be plugged into a photocell socket in a mere 30 seconds and provides data within minutes. This platform empowers communities and law enforcement to cost-effectively expand and transform their pre-existing streetlight infrastructure into a network of interlinked digital resources. Furthermore, it is compatible with 360 million streetlights worldwide.
Who Are the Key Players in the Smart City Platforms Market?
Major companies operating in the smart city platforms market include:
• Alphabet Inc.
• Microsoft Corporation
• Alibaba Group Holding Limited
• AT&T Inc.
• Dell Technologies Inc.
• Huawei Technologies Co Ltd.
• Hitachi Ltd.
• Amazon Web Services Inc.
• Siemens AG
• General Electric Company
• Intel Corporation
• International Business Machines Corporation
• Cisco Systems Inc.
• Qualcomm Technologies Inc.
• Oracle Corporation
• Honeywell International Inc.
• SAP SE
• Schneider Electric SE
• ABB Ltd
• Telefonaktiebolaget LM Ericsson
• Ericsson
• Johnson Controls International plc
• NEC Corporation
• SAS Institute Inc.
• Advantech Co Ltd.
• Parametric Technology Corporation.
• Cubic Corporation
• Cradlepoint Inc.
• Bosch IO GmbH
• Quantela Inc.
What Is The Most Dominant Region In The Smart City Platforms Market?
North America was the largest region in the smart city platforms market in 2024. The regions covered in the smart city platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
